WHERE IS MIAMI IN THE CURRENT REAL ESTATE CYCLE?The real estate scene speaks about an unprecedented real estate boom. Is it true ? Are realtors becoming the Wolves of Miami ?
This boom is fueled by rich foreign or out-of-town investors, eager to purchase projects lead by financially solid and experienced developers. On the other hand, the volume of condo sales has decreased in 2014 by 15.5% compared to 2013.
Is this decline directly linked to a decline of purchasing power for foreign buyers, due to the strengthening of the dollar ?
However interest rates do not go up and customer confidence does not seem to drop. There should be nothing to worry about since the US economy is doing well. Indeed, it has been two years that big payers are continually arriving to Miami, which they qualify as an exciting place to own a condo. For example, more than half of the Biscayne Beach owners are New Yorkers: Why so? Simply because in Miami, you can afford a condo unit for one third of the New York City prices and the cost of living is said to be half of New York's. I think this cycle differs from the previous one to the extent that Miami is now more culturally mature and equipped in terms of infrastructure. Thanks to such development, Miami attracts a mix of investors from both Europe and Latin America. One Thousand Museum, designed by Zaha Hadid, sold 50% of its condo units to Brazilians and Venezuelans on top of Europeans and New Yorkers. The buyer's deposit is now required to be over 50% which acts as a stabilizing factor.
So, in my opinion, if ever the wind turns, the landing should be softer that it has been before!
EVENTS NOT TO MISS THIS MONTHMiami Tennis Open Be ready for the 12-day Sony Open Tennis coming to Miami! Not only does it boast the participation of the world's top men's and women's players, it has also become the place to be seen in Miami. At least to see me ! It means that we are going to witness another flow of beautiful people coming to town. Another good reason to buy a pied-a-terre in Miami!
Don't miss the dates: women's/men's singles' qualifications will start on Monday, March 23rd and the tournament will end on March 28th. If you have any VIP's tickets let me know since unfortunately I didn't get any this year....
Winter Music Conference For those who are mostly into music (which means all my local friends) the great rendez-vous is arriving this month too! It will be going on at the exact same dates so Miami should reach a top level of excitement and entertainment. The Winter Music Conference is celebrating its 30th anniversary as the ultimate music event in Miami, alongside with Ultra music festival. Music enthusiasts, artists and DJs from all over the world converge on Miami Beach for an intense program including 400 events, parties, seminars and workshops.
Last year, more than 2 millions visitors came specifically for the occasion. I didn't see any last year since sorry to tell you this but if you are not a music fan, don't go to Downtown or you'll be stuck in traffic for a while.
THE RITZ CARLTON RESIDENCES IN SUNNY ISLESSO let's count how many Ritz Carlton we have in this area? We have one in Key Biscayne (which by the way has a great beach restaurant) then one in South Beach, now another one in Mid Beach and a promise for one in Sunny Isles ! Well Miami is getting Ritzy....
Let me rephrase it since the Ritz-Carlton in Sunny Isles is only Residences which give the promise of 270-degree views over the Intracoastal Waterway and the Atlantic Ocean. It is the perfect location to soak in the panorama provided by Biscayne Bay and the Miami skyline AND take the most of the animated Collins Avenue. Relax and connect to all that is Miami! The residence will feature private elevator entries, oceanfront pool with cabanas, its own restaurant, a kids club, a spa and fitness center, a media room, a business center, a library and all the usual services coming along luxury condos!
If you are looking for an exclusive location, world-class design, luxury services and a view, keep your eye on the Ritz-Carlton Residences in Sunny Isles Beach!
EATING OUT AT HOMEWe recently published an interesting article in Dining Out for people who are lazy to take their car to get out of their "all inclusive" condos. Here is a summary of it.
Miami is swamped with refined restaurants and top-notch addresses but let me reveal some secret places. It is all about proximity, a luxurious sense of service and intimacy for the more private ones.
The Continuum, located at the tip of South Beach has an amazing restaurant. Located between the curvy sun-deck pool and the cabanas, next to the Ocean, The Patio is the definition of privacy: being only accessible to residents, it is set up on a nice terrace underneath the palm trees. Indeed, everything in your plate is locally sourced and the juices are fresh and cold-pressed! Don't miss the Detox Verde juice to go along with your Rainbow Quinoa Salad. Now how do you get there ? Well two options. Or you have a friend living there or you have a great realtor friend like me who decides to invite you !
Next is La Piaggia, which has a huge "Members only" sign. It serves great dishes right down your tower if you live at the Murano at Portofino! Residents can come relax at the pool and be regaled savoring a classical French Salad Nicoise with Fresh Tuna Steak. You can also indulge either Asparagus or Petoncles Risotto having your feet in the sand! An orange and white haven at 1000 South Pointe Drive transformed in a World-famous beach club! How do you get in ? Very simple you just act as if you were a local and don't forget your high heels (platforms are more practical in the sand).
Last but not least, the Icon South Beach also benefits from the services of the Crea Café, the very private café of the Icon South Beach. Some say "where you live is who you are": in that case, proud owners of the impeccably Starck-designed properties enjoy extreme luxury, up to the point of having their own private restaurant! They have on of the best Focaccia in town.
WELCOME TO DELPHINE!Our team is welcoming Delphine Jullien! For those who want to close deals in the most efficient and fast manner, Delphine is the person you are looking for. She speaks English, French and Spanish fluently.
She is very bottom-lined and can put together even the toughest real estate transactions!
Delphine is a member of the Miami Association of Realtor® and is certified PCMC® (South Florida Preconstruction Condos Market Certified) from Cranespotters.
Think of her if you need insights on the Greater Downtown, Brickell & Coconut Grove.